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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
During the nine months ended September 30, 2018 and 2017, we entered into interest rate derivatives as summarized in the table below:
 
Nine Months Ended September 30,
Interest rate caps:
2018
 
2017
Notional amount (in thousands)
$
685,000

 
$
659,500

Strike rate low end of range
2.43
%
 
3.00
%
Strike rate high end of range
7.80
%
 
5.35
%
Effective date range
February 2018 - May 2018

 
January 2017 - August 2017

Maturity date range
March 2019 - June 2020

 
March 2018 - September 2019

Total cost of interest rate cap (in thousands)
$
348

 
$
347

 
 
 
 
Interest rate floors:
 
 
 
Notional amount (in thousands)
$
4,000,000

 
$
1,600,000

Strike rate low end of range
1.38
%
 
1.00
%
Strike rate low end of range
2.00
%
 
1.00
%
Effective date
July 2018

 
September 2017

Maturity date range
June 2019 - September 2019

 
December 2018

Total cost of interest rate floors (in thousands)
$
138

 
$
65

_______________
No instruments were designated as cash flow hedges
As of September 30, 2018, we held interest rate instruments as summarized in the table below:
Interest rate caps: (1)
 
 
Notional amount (in thousands)
 
$
1,393,200

Strike rate low end of range
 
2.43
 %
Strike rate low end of range
 
11.61
 %
Effective date range
 
January 2017 - May 2018

Maturity date range
 
November 2018 - June 2020

Aggregate principal balance on corresponding mortgage loans (in thousands)
 
$
993,334

 
 
 
Interest rate floors: (1) (2)
 
 
Notional amount (in thousands)
 
$
10,850,000

Strike rate low end of range
 
(0.25
)%
Strike rate low end of range
 
2.00
 %
Effective date range
 
July 2015 - July 2018

Maturity date range
 
March 2019 - July 2020

_______________
(1) 
No instruments were designated as cash flow hedges.
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.